Introduction to MT4 Forex Dashboard - MT4 Forex Dashboard
The following screenshot below shows the main MT4 platform Dashboard. As a beginner trader trying to learn how to execute forex orders in the online forex trading market, the main tool for trading the forex market is the MT4 platform software. This MT4 platform is the software which you will connect to your forex trading broker with & execute forex trade transactions & monitor your forex account balance from this MT4 platform.
The Forex MT4 platform software is provided for free through the various Forex broker websites. This MT4 software looks like the examples below:
Main Areas of this MT4 software as displayed above are:
- MetaTrader 4 Navigation Menus
- Toolbars
- MT4 Chart Panel
- MetaTrader 4 Navigator Window
- MetaTrader 4 Market Watch Window
- MT4 Terminal
- MT4 Connection Bars
For this MetaTrader 4 tutorial we shall look at a brief introduction for each of these learn forex MetaTrader 4 platform:
1. Navigation Menus
The MetaTrader 4 navigation menus are:
- File
- View
- Insert
- Charts
- Tools
- Window
- Help
These are the main MT4 platform navigation menus which can be used to navigate the MT4 software. As a beginner trader you can start by just clicking any of these MT4 platform navigation menus to familiarize yourself with the various MT4 buttons that are arranged as MT4 sub menus within these MT4 navigation menus.
These MetaTrader 4 navigation menus will be described & covered in details in the next MT4 tutorials about navigation menus.
2. Toolbars
The MetaTrader 4 toolbars are used to manipulate MT4 charts, either by placing MetaTrader 4 indicators, MT4 line studies, change MetaTrader 4 chart timeframes and load MT4 template from a list of saved MT4 templates.
These MT4 tool-bars will be discussed on other MT4 guides which will outline each MT4 button on this MT4 toolbar & how to add and customize these MT4 toolbars.
3. Chart Window Panel
This MetaTrader 4 chart window is the main area where MT4 forex charts are displayed and a trader can interpret the trend direction of a MT4 chart whether up or down, place MetaTrader 4 chart indicators for technical analysis & even place orders from these MT4 charts.
4. Navigator
MT4 Navigator will contain information about MT4 trading accounts, whether practice or real, this MT4 window will also have a list of all the MT4 indicators as well as MT4 Expert Advisors & scripts.
A trader can choose which MT4 account to login by expanding the Accounts menu, choose a MT4 indicator by expanding the MT4 indicator menu or choose a MT4 Expert Advisor by expanding the Expert Advisor menu.
5. Market Watch
MT4 Market watch is used to show streaming forex trading quotes for MT4 currency pairs. This can list as many quotes provided by your MT4 Forex broker or a few chosen by a trader. To save inter net bandwidth, right click inside MetaTrader 4 market watch window & select 'Hide All', so as to hide the currencies that you're not transacting on this MT4 software & save on inter-net bandwidth.
6. Terminal
This is MetaTrader 4 window panel that is like the bank account trade area for your MT4 forex trade transactions, on this MT4 window you can view your account balance, profit and losses statement, equity, margin used also retrieve a copy of all your MT4 forex trade transactions history.
This MT4 window panel will also list all open forex trade transactions & calculate all the profit & loss in realtime as a forex currencies move up or down.
7. Connection Bar
MT4 connection bars - Red bars are for no connection, green bars show that there's connectivity to the servers and MetaTrader 4 forex trade orders can be placed. These MetaTrader 4 connection bars should always be green when one logged into their MT4 practice account or MT4 live account.
These MT4 platform main areas form the MT4 platform Dashboard and will be the main areas to be covered in detail in the next learn MetaTrader 4 tutorials. For now it is best to download MT4 software software and familiarize yourself with the MT4 software Dashboard.
Why Forex Software is Required for Placing Trade Transactions with Forex Brokers
Forex platform is the software which is used to access the forex trading currency market and interpret these currencies using forex charts and forex technical analysis tools. There are various reasons why a trader requires to use a good forex platform. A good forex trading software can determine if a as a trader you make a profit or not.
So why does a trader need a good Trading Platform:
To connect to the Forex Broker Trading Server:
To place a forex trade order a trader needs to use a forex trading software which will connect to the trading servers of their forex trading broker & this will allow them to open & close forex trade orders. Good forex trading softwares will connect with ease to the brokers' servers & allow forex traders to place forex orders at any time from desktop computer.
To analyze forex charts & currencies using forex technical analysis tools
To place a buy or sell forex order one needs to first analyze the direction of a forex pair using forex charts. This is why all good forex trading softwares provide forex trading technical tools such as forex price charts, forex indicators & various different chart timeframes from which trader can analyze forex price moves using the forex chart time frames of their choice.
From the above forex trading platform Dashboard, the summary of all information required by a trader is provided on this MetaTrader 4 platform Dashboard
- Connection - connection to the broker servers
- Charts - price graphs that display forex prices
- Tool bars - tool-bars to add tools & technical analysis indicators on forex charts
- Market Watch - for displaying available financial instruments in MT4
- Data window - provides MT4 account data & other indicator data
- Exchange rates - shows current market price of a forex currency pair
- Menu bar - Shows all menu items in MT4 software
